These are the best trading platforms when it comes to day trading
NerdWallet gives us financial tools, enough to understand what the options are and to help us make the proper decisions. You probably have some ideas regarding your preferences in a brokerage. You probably want low costs, a premium research, some innovative strategies and tools and an easy to use, good trading platform. If you’re looking for the top trading platforms, you came to the right place.
Don’t forget about pattern day traders – by definition, they should have at least $25,000 in equity and should be approved for margin trading; it doesn’t matter if their broker’s account minimum is lower than that.
Ally Invest’s
This trading platform, which contains free research, data, analytical tools and charting, is the best choice for active traders. It’s also good for those of you who are beginners. Keep in mind that there are no annual fees.
It has low commissions, there’s no minimum for account and it has robust tools and research. But it doesn’t have no-transaction-fee mutual funds. It asks for $4.95 per share and the account minimum has to be of $0.
TD Ameritrade
This offers very good services and it has awesome trading tools. It’s for both beginner and active investors.
It has a large selection of investment and free research. It has no account minimum and the customer support is helpful. But, the commissions are big and it has a high short-term ETF trading fee. It asks for $6.95 per share and the account minimum has to be of $0.
TradeStation
This is what you need in case you’re among those investors who are very active. You probably rely on the broker’s high-octane trading platform and on some analytical tools. This gives us 3 commission plans: flat-fee, per contract and an unbundled pricing plan.
It’s a high-quality trading platform, with low commissions and advances tools. But, there are no commission-free ETFs and there is a minimum balance requirement. It asks for $5 per share and the account minimum has to be of $500.
Interactive Brokers
This one is for those who are advanced and are doing frequent trading. But new traders might reconsider this option when they’re going to find out about the inactivity fees, the high minimum balance requirement and the minimum educational resources. But it has low commissions and advanced tools, together with a wide investment section and low margin rates. It asks for $0.005 per share and the account minimum has to be of $10.000.
Charles Schwab
This one deserves everything that’s coming to it. It has no inactivity fees, a mobile app, extensive research, a very good customer support and 2 platforms with no minimum or fees. However, it has high trade commissions and a higher account minimum. It asks for $4.59 per share and the account minimum has to be of $1000.
EOption
This platform is efficient for those of you who are active investors. It has deep discount commissions, low margin rates and can even serve international investors. But, the platform is efficient, however basic, and it has limited data and research. It asks for $3 per share and the account minimum has to be of $500.
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